economics_for_manager, Role in market equilibrium.

May 20th, 2015
Studypool Tutor
Aberystwyth University
Price: $25 USD

Tutor description

The first estimates of national income were made in England by the politician and economist Sir William Petty in the 17th century. Petty, whose aim was tax reform, estimated total expenditure as 40 million pounds. He estimated capital income as 15 million pounds, obtaining labor income as a residual 25 million pounds.

Word Count: 3520
Showing Page: 1/11
NATIONAL INCOMEA brief history of the development of the national income accountsThe first estimates of national income were made in England by the politician and economist Sir William Petty in the 17th century. Petty, whose aim was tax reform, estimated total expenditure as 40 million pounds. He estimated capital income as 15 million pounds, obtaining labor income as a residual 25 million pounds. Toward the end 11 of that century, Gregory King made more systematic estimates for the income, saving, and expense of England for the year 1688. In the late 17th and early 18th centuries, the French economist Pierre de Boisguillebert, also a tax reformer, developed crude estimatesof income and consumption in France, followed by more careful estimates by Sebastien Le Prestre de Vauban in 1707.These early isolated estimates were based on comprehensive notions ofproduction and output without the benefit of formal economic theorizing. As economic theory emerged, it unfortunately advocated overly limited estimates. The French physiocrats believed that only land produced net output over and above costs, a notionthat influenced the chemist Antoine-Laurent Lavoisiers estimates of Frances income in the late 18th century, made while a commissioner of the public treasury. The classical economists, beginning with Adam Smith and continuing through Karl Marx, distinguished the potential for labor to produce material wealth and thus emphasized the production of goods as opposed to

Review from student

Studypool Student
" Thanks for the help. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors